Head of the American company Coinbase, Brian Armstrong, at the conference Consensus 2019, said that the amount of client funds in custody at Coinbase Custody reached $ 1 billion, CoinDesk reports.

Discussion moderator Paul Vignet asked Armstrong about the future prospects of institutional investment in the cryptoindustry and Head of Coinbase replied that the amount of $ 1 billion had accumulated 12 months after the launch of the custodial service.

He also added that the service benefited 70 large investors. At the same time, the amount of funds managed by Coinbase Custody increased by about $ 150 million monthly.

“So it’s largely a success,” Armstrong said.

According to him, the institutions are interested not only in the simple storage of funds:

“They want to be involved in stacking and voting, implementing on-mine management. I think it will all develop rapidly. ”

Brian Armstrong noted that whales are still most interested in bitcoin. However, the popularity of other coins is also gradually growing, so Coinbase currently offers large customers access to 30 altcoins, including the possibility of stacking some of them.

In addition, Armstrong stressed that 60% of the trading volume at Coinbase Pro is accounted for by institutions.

Recall that Coinbase Custody began accepting funds from a wide range of institutional investors from the US and the EU last summer. The service is available for large market participants who can afford to invest in cryptocurrency an amount in excess of $ 10 million.

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